NET INCOME PER COMMON UNIT

12 Months Ended

Dec. 31, 2016

NET INCOME PER COMMON UNIT

15. NET INCOME PER COMMON UNIT

Basic and diluted net income per common unit for the years ended December 31, 2016, 2015 and 2014 was calculated as follows:

	Year Ended December 31,
	2016		2015		2014
Net Income for Per Common Unit Calculations
Net Income Attributable to The Blackstone Group L.P., Basic	$	1,039,235	$	709,789	$	1,584,589
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units		828,244		524,353		—
Net Income Attributable to The Blackstone Group L.P., Diluted	$	1,867,479	$	1,234,142	$	1,584,589
Units Outstanding
Weighted-Average Common Units Outstanding, Basic		649,475,264		634,337,179		608,803,111
Weighted-Average Unvested Deferred Restricted Common Units		1,445,277		2,993,398		4,373,294
Weighted-Average Blackstone Holdings Partnership Units		544,194,049		550,754,834		—
Weighted-Average Common Units Outstanding, Diluted		1,195,114,590		1,188,085,411		613,176,405
Net Income Per Common Unit, Basic	$	1.60	$	1.12	$	2.60
Net Income Per Common Unit, Diluted	$	1.56	$	1.04	$	2.58
Distributions Declared Per Common Unit (a)	$	1.66	$	2.90	$	1.92

(a) Distributions declared reflects the calendar date of the declaration for each distribution. The fourth quarter distribution, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.

The following table summarizes the anti-dilutive securities for the periods indicated:

	Year Ended December 31,
	2016		2015		2014
Weighted-Average Blackstone Holdings Partnership Units		—		—		542,553,088

Unit Repurchase Program

In January 2008, Blackstone announced that the Board of Directors of its general partner, Blackstone Group Management L.L.C., had authorized the repurchase by Blackstone of up to $500 million of Blackstone common units and Blackstone Holdings Partnership Units. Under this unit repurchase program, units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of Blackstone common units and Blackstone Holdings Partnership Units repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. This unit repurchase program may be suspended or discontinued at any time and does not have a specified expiration date.

During the years ended December 31, 2016, 2015 and 2014, no units were repurchased. As of December 31, 2016, the amount remaining available for repurchases under this program was $335.8 million.